Blockchain Founders Fund Backs Token Management Platform Magna

BFF is co-investing with Tiger Global, Tusk Venture Partners, Circle Ventures and Shima Capital

SINGAPORE, 4 October 2022 /PRNewswire/ — Blockchain Founders Fund (BFF)a Singapore-based venture capital fund that focuses on early Web3 and blockchain startups globally has invested in Greata token management platform that lifted a 15 million dollars seed round on one 70 million dollars valuation led by venture capital firms Tiger Global and Tusk Venture Partners. Founded by the CEO Bruno Faviero and CTO Arun KirubarajanMagna will use the funding to further expand the platform’s token management features and functionality, and further expand the team.

Other participants in the round included Shima Capital, Circle Ventures, Solana Ventures, Polygon Ventures, Avalanche Labs, Alchemy Ventures and Galaxy Digital. Individual investors included former Coinbase executive Balaji SrinivasanMessari’s Ryan Selkis and Steve Aoki.

Magna builds token distribution software that streamlines and automates the process for protocols, decentralized autonomous organizations (DAOs) and crypto funds to distribute and manage tokens – a process that has so far lacked automation and been prone to error.

“Crypto founders want their stakeholders to get their tokens on time, correctly and in a compliant manner,” said Magna CEO Faviero. “We started Magna to make it easier to start and scale crypto companies, and this is one thing less founders need to worry about.”

According to Faviero, there is a huge lack of basic infrastructure for Web3 projects compared to the tools available for Web2. In Web3, tokens have become the new unit of ownership, and are transacted via blockchains and wallet addresses. The need for sophisticated, crypto-native tools becomes apparent with projects that often use tokens to perform airdrops, participate in governance, and distribute as payment to investors.

Tobias Bauerprincipal of the Blockchain Founders Fund said, “Founders and investors of decentralized applications have long struggled with the token issuance process, which remains highly manual and time-consuming. Bruno and his team at Magna are building a platform that will speed up token management for founders and investors, thereby bringing much-needed efficiency to the Web3 space.”

About Magna

Great is building a platform to turn DeFi investments into financial primitives. The company’s first product is Carta for Web3, where companies can manage their cap tables and distribute their token equity to employees, advisors or investors. It aims to use locked tokens as composable building blocks to power collateralized lending, liquid secondary markets and other DeFi applications.

About Blockchain Founders Fund

Blockchain Founders Fund (BFF) is a Singapore based early stage venture capital fund investing in top tier Blockchain startups globally. Their industry-leading go-to-market focused Venture Program helps experienced and first-time entrepreneurs across key business functions to track growth. BFF has scaled many of the leading Blockchain startups and is always looking to connect with exceptional founders across the Web3 and Blockchain ecosystems.

Media contact:
Michiko Yuda
[email protected]

SOURCE Blockchain Founders Fund